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Marathon Oil approved to move ahead on Kurdistan project

  • Marathon Oil (MRO -0.5%) and its partners say they received approval from Kurdistan's regional government for the first phase in the oil development of the Atrush block.
  • The development project will include drilling three production wells and building a central processing facility; MRO expects to achieve first production by early 2015 with an estimated initial gross production of 30K bbl/day of oil.
  • The Atrush partners also are continuing appraisal activities and preparing to drill a fourth well on the block; a potential phase two development is expected to include another 30K bbl/day production facility.
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